First Time Home Buyers : VA Benefits Can Give You Options
Buying your first home is an exciting time of life. Whether you are doing it due to family changes, as a way to put down roots in an area, or simply save money vs renting, it is a milestone for sure.
People thinking about the possibility of buying their first home often ask themselves 2 questions. First, is it cheaper to own than to rent? And second, how much home can I afford? In today's real estate market, first time home buyers are many times pleasantly surprised that it is significantly more cost effective to buy rather than rent. Historically low interest rates combined with the cost savings of your VA benefits can really help with the rent vs buy analysis!
The second question (how much can I afford?) needs to take into account a number of factors. Considerations like income, debt level, down payment (if any) and ownership costs (HOA fees, insurance, taxes, etc) all play a part.
The good news is that help in navigating this decision is only a phone call away. Our MilVetHomes Real Estate Specialists will help guide you through each decision, providing you with the information and insight you need.
How VA Loans Help First Time Home Buyers Save Money
First time home buyers are most often looking to save money on their home three ways. First, they want to reduce the cost of their down payment. With a lower down payment, there is less out of pocket cost which can help a new homeowner absorb some of the other normal costs of moving.
Secondly, unlike conventional or FHA loans, VA Loans are guaranteed and backed by the government. This means that VA loans do not require PMI (Private Mortgage Insurance) which is an added cost to most home buyers. Veterans can use their VA benefits to save on these costs.
Finally, another cost saving advantage of VA loans also comes from the fact that they are government backed. Since the government takes the risk on the loans instead of the lender, the interest charged on the loan is often less.
So using your VA benefit can help put you on the track to affordable home ownership!
How to Get Started As a First Time Home Buyer with VA Eligibility
The good news is that for those thinging about buying their first home with VA Eligibility, getting the process started is easy! It all starts with a call to our MilVetHomes Real Estate Specialists. With a few questions, we can help you get started on the path to home ownership!